ZERO PREFERRED SOLD — STRATEGY LETS $25.2B OF STRF/STRC/STRK/STRD CAPACITY SIT IDLE ON RESERVE-FUNDING WEEK.

Strategy’s 8-K today reported $263.5M net raised — all $263.5M came from common dilution. The four preferred ATMs — STRF, STRC, STRK, and STRD — sold exactly zero. Twenty-five point two billion dollars of registered preferred capacity sat idle. The reserve those preferreds pay dividends into needed refilling; the company chose to dilute common rather than issue senior claims to service them. A company that won’t issue preferred to service preferred is telling the market where it thinks preferred is worth being priced. Bobby’s MABE tracker went live this morning to close exactly this loop from the market side — the market prices the coverage. Strategy’s ATM behavior today prices its own read of that coverage from the treasury side. Two loops, same signal: the preferred stack is not where the accretion is right now, and Strategy just voted its own book with silence on four separate registered facilities.